Cabot Financial has increased its funding line to £200m after German bank West LB joined the banking syndicate which backs the debt purchaser with a £40m provision.

Royal Bank of Scotland, which is part of the syndicate, has also increased its position in the firm to £60m from £50m, Credit Today can exclusively reveal. This means the debt purchaser now has a three-year funding facility with a seal of £200m from its banks: West LB, RBS, Barclays and Citigroup.

Cabot also revealed it has purchased over 3 million accounts with a face value of over £6.2bn, after making portfolio purchases in excess of £100m in the last 12 months across the newly-merged entity of Cabot and Apex Credit Management.

The firm’s chief executive, Neil Clyne, and managing director Glen Crawford, told Credit Today that Cabot had plans to invest further this year as the debt sale market returned to buoyancy.

Clyne (pictured) said: "We are......Credit Today online